Apple iPhone manufacturer Foxconn has agreed to invest $5 billion on a new plant in the western Indian state of Maharashtra. The Taiwanese firm’s chairman Terry Gou signed memorandum of understanding with Maharashtra’s chief minister Devendra Fadnavis in India’s financial capital of Mumbai. The investment on the new manufacturing facility will take place over five years.
Has Taiwan decided to compete with China, albeit on a modest scale, which has embarked upon making huge investments in Pakistan through China-Pakistan Economic Corridor (CPEC)? What about Pakistan’s FDI prospects? Setting up a facility in India could help cut Foxconn’s labour costs and boost sales of iPhones in a country that boasts 952 million mobile connections. The number of mobile connections in Pakistan is also in millions, if not in hundreds of millions. Why has Pakistan failed to attract fresh cellular investments? QAZI ABRAR, Lahore